As we head into the second quarter of FY25, it is a good time for a Fixed and Aggregate Asset refresh!
A fixed asset is a piece of equipment (or a group of components that make up a functional unit) with a useful life of at least one year and a cost of $2,000 or greater. Fixed asset purchases require the use of an account code ending in an ‘F’ in both eVA and WORKS. A few common examples are an AV System, office furniture, lab equipment, etc.
Aggregate assets are a group of identical pieces of equipment with a useful life of at least one year that have a cost of less than $2,000 individually, but combined together have a total cost of $10,000 or greater. Aggregate assets require the use of an account code ending in an ‘A’ in both eVA and WORKS. Common aggregate purchases include groups of identical pieces of furniture, computers, fixtures, etc.
For SPCC purchases of fixed and aggregate assets, please make sure that you take note of the date that the equipment was received and/or installed and record it either in your WORKS paper file or on the comment section of WORKS transaction. This information is required for Banner entry of assets.
For annual software subscriptions – if you purchase software using 72218L, please include the subscription start and end dates in both eVA and WORKS.
As we move through the fiscal year, monthly WORKS reviews are completed for all purchases over $2,000 regardless of account code. Information may be requested about a purchase you made to include: clarification of item(s) purchased, invoice, receiving/installation date, location and who the end-user of the equipment/purchase is. Frequently, we find coding difference between eVA and WORKS, please be mindful that your coding in WORKS matches your original eVA order.
If you have a big equipment purchase coming up, please contact Arin in Fixed Assets (adoerfle@umw.edu) before entering your order in eVA! As always, if you have any questions about fixed or aggregate assets reach out to Arin.
Questions or Comments?